Diabetics Life Insurance – What you need to Know

What is Diabetes?

Diabetes is a medical conditionwhere the body’s ability to respond or produce the hormone insulin is impaired. This results in abnormal carbohydrate metabolism and elevated glucose levels in the blood.

Blood glucose is the chiefsource of energy and comes from the food we eat. Insulin is a hormone created by the pancreas, and it helps the glucose from the food to get converted into energy. Over the time too much glucose in our blood causes health problems. Diabetes has no cure, but we have to manage it and stay healthy.

Kinds of Diabetes

The usual types of diabetes are Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes.

1. Type 1 Diabetes:If you are a type 1 diabetic eitheryour body has a problem in producing insulin. The target area is children and middle-aged people though it can appear in any age. People with type1 diabetes are insulin dependent for the whole life.
2. Type 2 Diabetes: If you are type 2 diabetic than your body does not make or use insulin in a proper way. This type of diabetes occurs mostly in middle-aged and older people. This needs to be controlled through medication, diet control and exercise.
3. Gestational Diabetes: Pregnant women are mostly diagnosed with gestational diabetes. Most of the time it goes away once the baby is born. However, if you are diagnosed with gestational diabetes then you have a higher chance of developing type2 diabetes in the later part of your life.

Life Insurance with Diabetes

Can people with type 1 diabetes get life insurance?Does diabetes affect life insurance? It is quite possible to get affordable life insurance if we have diabetes. The clause is that our diabetes should have been under control for at least 6 to 12 months. We can have cover approved if we are insulin-dependent.

Diabetics may or may not be approved for a life insurance coverage if there are additional contributing health risks such as heart disease, smoking, obesity, and uncontrolled blood pressure. But these are rare cases as people with diabetes are well aware of consequences if theirblood sugar level is not controlled.

The most critical aspect of obtaining an insurance policy is medical examinations. If we are renewing a plan, starting anew one or looking for quotes, all insurance companies will want us to go through a volley of medical exams. They will evaluate the different factors that diabetes has contributed to our health and decide accordingly.

The most affordable rates can be given if our diabetes is in control and our Glycated Hemoglobin (HbA1c) levels are low. This will be evaluated by the underwriters if we are considered to be healthy. Underwriting diabetes life insurance may result in paying premiums equivalent to an average person.

There are various agencies where we can or should approach to know how to tackle an interview with an underwriter. They will ask us all necessary questions.If we just walk into an interview not knowing what to say,we could end up in paying higher rates. So, the suggestion at this point is market research which will help us in understanding what underwriters look for. Your insurance agent will provide you with the necessary information.

 How to Secure Life Insurance with Diabetes

Before we take the final decision to buy an insurance product, we need to know these general facts to secure it.

1. If our diabetes is under control, there will be no problem to secure the cover. It is ahuge misconception that we cannot qualify for a cover with diabetes.
2. Many diabetics think that the traditional process of getting things done is too long, so they give up midway through the process. We have to try out both the methods to secure a cover trying the nonmedical way and if it’s approved putting it into force immediately. Apply for a policy with a medical exam and get approval, cancel the one which is more expensive.
3. If we have other health complications other than diabetes, still we have options.
4. Every life insurance company has their own rules. It is up to us where we find the affordable and the best. No specific company has designed products for diabetics.
5. The agentneeds to be aware of our medical conditions like our HBa1c levels, when was it diagnosed, we have type1 or type2 diabetes.

Life Insurance for Diabetes – With a Medical Exam

To get the cheapest cover, we have to proceed with medical exams. The insurance company will review your records through a physician or from the designated medical center assigned by them for us to visit. You may have to fill a life insurance diabetes questionnaire.The details that we have to complete are:

1. What type of diabetes we have?
2. What are our A1c Levels?
3. Family history
4. Complications related to diabetes like kidney disease or neuropathy.
5. Medication
6. Age diagnosed
7. Other health issues (cholesterol, high blood pressure)

Once we have the above results with us, the search for an affordable low premium policy can be started. The facts the reports show will fetch us expensive or the lowest rate that is available in the market. Share this information with your insurance agent for best results.

Life Insurance for Diabetes – Without a Medical Exam

The white coat phobia is something everybody has to accept, the wait for medical results leads to stress and anxiety.After completing the medical exam, the insurance company will assess the effects to conclude if we are insurable and what premium range we fall into. The time to fully process your policy may take up to a month. If there is an indication of severity, the company may deny the cover, or you may have to dish out a very high premium to stay covered. That is a discretionary power that the company reserves.

In some instances, if we are ready to pay excessive premiums only to get the cover the challenge of related health problems the rates can be considerably high. One way to lower the premiums is to start a control regime and once we are confident enough,we can ask for new medical underwriting when our policy reaches its anniversary. If new results are promising, we can always ask for a re-evaluation.

It is essential to have life insurance even if you are diabetic. Though we have the option to buy an insurance policy without a medical test in diabetes, people still are skeptical regarding the completion of the process. There is always a tendency to minimize the importance of life insurance, but the golden rule is to insure and be secure.

Let’s Get Protected

We might not be able to do much about our health condition once we are diagnosed with diabetes. However, there is light at the end of every tunnel; the only thing is to walk in the darkness. Never ignore the help life insurance can provide when weare in need. The most important thing it does is to minimize the impact. Think twice before you ignore and do not be denied life insurance because of diabetes.